After bottoming out in sub-96.40 levels, the US Dollar Index (DXY) seems to have recovered some oxygen and is now hovering over the 96.50 area. The index slumped to multi-day lows in response to the hawkish message from President Draghi at the ECB Forum in Portugal earlier in the session. In fact, Draghi said the economic recovery in the area runs above trend and it appears well distributed. In addition, Draghi stressed that deflationary pressures have now given way to reflationary pressures, while he suggested that a pick up in inflation will also hinge on favourable global conditions. Ahead in the session, Philly Fed P.Harker (voter, hawkish), Minneapolis Fed N.Kashkari (voter, dovish) and Chair J.Yellen are due to speak, keeping the focus on the buck. Earlier in the day, the S&P/Case-Shiller index rose at an annualized non-seasonally adjusted 5.7% during April, while CB’s consumer confidence came in at 118.9, surpassing estimates. US Dollar relevant levels The index is losing 0.66% at 96.47 and a breach 96.31 (2017 low Jun.14) would expose 95.91 (low Nov.9 2016). On the other hand, the next hurdle is located at 97.16 (high Jun.26) followed by 97.56 (high Jun.15) and finally 97.63 (38.2% Fibo of the May-June drop).